Breaking the Silos of Sustainable Financial Measurement: A Strategic Business Environment Framework Through Multidimensional Sustainability Metrics
Abstract
Growing pressure on firms to align sustainability strategies with financial performance has increased the need to understand how financial mechanisms support green transformation. However, most existing studies rely on econometric approaches that explain relationships but rarely identify the relative importance and systemic interactions of sustainability‐related financial drivers. Addressing this gap, the present study examines how sustainability‐oriented finance and green innovation influence corporate performance. The study applies grey influence analysis (GINA) based on expert evaluations to analyse the interrelationships among 11 indicators covering green finance, green innovation and financial outcomes. This approach enables the identification of both direct and indirect influences under conditions of uncertainty. The findings reveal that long‐term green financing exposure and green loans are the most influential drivers, whereas green innovation, particularly process improvements and resource‐efficient operations, acts as a key connecting mechanism linking finance to performance outcomes. The study offers practical implications for managers and policymakers by identifying priority levers for sustainability‐driven value creation and demonstrating the usefulness of GINA for analysing complex sustainability–finance systems.